KUALA LUMPUR (May 7): Healthcare provider PMCK Bhd has signed an agreement with Malacca Securities to underwrite about a third of its public issue of 272.6 million new shares for its ACE Market initial public offering (IPO).
Under the agreement, Malacca Securities will underwrite a total of 98.15 million issue shares allocated to the Malaysian public and eligible persons under pink form allocations, PMCK said in a statement on Wednesday. Listing is targeted for the third quarter of 2025.
“This underwriting marks a significant step forward in our journey, and we look forward to building a healthier, smarter, and more connected future in Malaysian healthcare,” said PMCK managing director Datuk Lee Gaik Cheng.
Based in Kedah, PMCK operates the Putra Medical Centre in Alor Setar, offering specialist consultant services, emergency care and clinical support.
The proposed IPO involves a public issue of 272.6 million new shares and an offer for sale of 32.72 million existing shares at a price to be determined later. The offer for sale of existing shares will be sold through a private placement to selected investors.
Selling shareholders LKH Holdings and Lee will offer 27.27 million shares (a 3.33% stake) and 5.45 million shares (0.67% stake) in a private placement.
Lee directly owns 19.9% of the company and indirectly holds 77.2% through LKH Holdings, alongside PMCK’s deputy executive chairman, Datuk Dr Lim Kim Huat. After the IPO, Lee's direct stake will drop to 14.42%, and LKH Holdings’ stake will be reduced to 55.41%.
Funds raised from the public issue will go towards a key cog of the company’s growth plan, the RM193 million PMC Kulim project — a 12-storey medical centre integrated with a mixed-use development, scheduled for completion in the first quarter of 2028.
Specifically, proceeds will be used to repay bank borrowings incurred for the construction of PMC Kulim, as well as for new equipment for the facility. The remainder will be used to cover listing expenses.
Malacca Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO.